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CNBC is careful to admit that owning GLD is not owning gold
7:29p ET Sunday, November 17, 2019
Dear Friend of GATA and Gold:
Two cheers for today's CNBC report celebrating the 15th anniversary of the gold exchange-traded fund GLD, since the report does not pretend that owning GLD is the same as owning the monetary metal itself.
Instead, the report says, GLD "tracks one of the world's most popular commodities," provides "an easy and particularly cost-effective way to get indirect exposure to gold," and is a device for "having exposure to movements in the gold price."
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Of course it would have been nice for CNBC to note that the custodian of the vault holding GLD's gold is the investment bank HSBC, perhaps the biggest short in the gold market; that the bank is the beneficiary of a new New York Commodities Exchange rule apparently allowing the bank to inject more "paper gold" into the futures market --
-- that GLD itself facilitates the shorting of real metal through the borrowing and conversion to metal of its shares and the sale or lease of that metal by enormously well-funded brokers executing central bank market-rigging policy; and that anyone buying "paper gold" might as well flush his money down the toilet.
But then if CNBC or anyone else covering the gold market ever undertook journalism that serious, nobody would need GATA anymore.
The CNBC report is headlined "Wall Street's Biggest Gold ETF Turns 15" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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